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The Wonder Wheel was designed by Charles Herman as an improvement on G.W.G. Ferris' giant wheel. Built for Herman J. Garms, Sr. between 1918 and 1920 by the Eccentric Ferris Wheel Company,[4] it was opened on Memorial Day, 1920.[5]

Herman originally called it the "Dip-the-Dip", promising to combine in his new invention the thrill of a scenic railway, the fun of a Ferris wheel, and the excitement of the Chute-the-Chutes. An article written about the ride in Science and Invention said the Wheel was a "real thrill like you have probably never had before-at least not at this great height."[5]

On June 7, 1983, Deno D. Vourderis bought the Wonder Wheel from Fred Garms, whose father Herman had been its first owner-operator, and it became "Deno's Wonder Wheel". The Vourderis family restored the Wheel and made it the central attraction of "Deno's Wonder Wheel Park".[5]
In 1989, it was made a new York City designated landmark by the New York City Landmarks Preservation Commission.[5][3]

Since it opened, over 35 million rides have been taken on the Wheel.[5]

The Wonder Wheel is 150 feet tall and weighs 200 tons. It has 24 fully enclosed passenger cars, each able to carry six people, giving a total capacity of 144 passengers. Sixteen of the cars slide inward on a snaking track, falling outward as the wheel rotates. The remaining eight cars are fixed to the rim, giving a traditional Ferris wheel experience to passengers.[5]